The size of the smartphone market
From 2019 to 2023, the scale of China's smartphone market fluctuated and the overall trend was mature. In 2023, about 271 million smartphone units were shipped in China, with an average selling price of about USD 471 per unit. The preliminary calculation of the market size of China's smartphone industry in that year was about 906.3 billion yuan. According to the prediction of the Prospective Industry Research Institute, the scale of China's smartphone market would reach 1.1 trillion yuan in 2024, with a year-on-year growth of about 10%. It was estimated that it would reach 1.5 trillion yuan by 2029, with a compound annual growth rate of more than 8%. In the third quarter of 2024, the global smartphone market was 296.3 million units. "A Short History of the Future: Legends of the Intelligent Era" was equally exciting. Everyone was welcome to click and read it!
The smartphone market recovers
In 2024, the smartphone market showed signs of recovery. From the perspective of the China market, according to the estimation of the company, the shipment volume will reach 287 million units, with a year-on-year growth of 3.6%, achieving the first year-on-year growth since 2021. This is because the recovery of leisure entertainment, smart travel and other usage scenarios has increased consumer demand, and the increase in consumer demand for large storage combinations has driven the start of the replacement cycle. The global market was also optimistic. Canalys data showed that the global smartphone market fell by 12% in 2022, and the shipment volume remained low in 2023 (estimated to fall by 5%). However, driven by the growth of shipment volume in the Middle East, Africa, and Latin-America, the overall global decline had slowed down. It was predicted that the global smartphone sales would reach 1.17 billion units in 2024. And Canalys believes that this growth will continue until 2027, with global shipment reaching 1.25 billion units, with a compound annual growth rate of about 2.6% from 2023 to 2027. Counterpoint Research's smartphone 360 report also predicted that smartphone shipment would increase by 3% in 2024. In the third quarter of 2024, the global smartphone market shipped 307.7 million units, up 3.8% year-on-year, further reflecting the market's recovery. "A Short History of the Future: Legends of the Intelligent Era" was equally exciting. Everyone was welcome to click and read it!
smartphone market demand
The demand for the smartphone market was multi-dimensional. In terms of price range, demand for economical cell phones (one or two thousand yuan) rebounded, and the high-end cell phone market (four or five thousand yuan) was also recovering. It was estimated that the high-end cell phone market would grow by 17% in 2024. In terms of market share, consumers 'demand for mainstream brands was concentrated. For example, the world's top ten brands occupied nearly 90% of the market share, among which Samsung, Apple, and Xiaomi were at the forefront of global shipment volume. However, the competition among brands was fierce, and the gap in market share was gradually narrowing. It was similar in the domestic market. For example, during the W43 period, Apple became the first in the domestic market with 1.155 million units sold, Huawei won the first place in domestic sales with a total sales of 1.052 million units, Xiaomi and Glory ranked second and third with 811,000 units and 769,000 units respectively. All brands were trying to increase their market share. From the perspective of consumers 'expectations for products, on the one hand, consumers are more sensitive to price, and more than 22% of the interviewees said they would not pay a higher price for a phone without significant innovation. On the other hand, some consumers are still willing to pay a higher price for high-quality products. This shows that the market is not completely rejecting high-end phones, but has higher expectations for the performance and brand value of mobile phones. The consumers paid more attention to the cost-performance ratio and the comprehensive experience of the products, such as the hardware configuration, software system, video capabilities, battery life, etc. This also prompted mobile phone manufacturers to continuously increase the added value of their products to meet the increasingly diverse needs of consumers. "A Short History of the Future: Legends of the Intelligent Era" was equally exciting. Everyone was welcome to click and read it!
AI market size
In 2023, the global artificial intelligence market was estimated to be 196.63 billion US dollars. The compound annual growth rate from 2024 to 2030 was expected to reach 36.6%, and its scale would increase by more than 13 times in the next decade or so. Among them, the annual revenue of the global artificial intelligence software market in 2023 was 70.94 billion US dollars, and it was estimated to reach 126 billion US dollars in 2025; The market size of wearables AI is expected to reach 180 billion US dollars by 2025; The market value of AI chips is expected to reach 83.2527 billion US dollars by 2027, and the compound annual growth rate between 2019 and 2027 is expected to be 35.0%. In China, the scale of the AI core industry exceeded 578.4 billion yuan in 2023, with a year-on-year growth of 19%. It was estimated that the market scale would exceed 600 billion yuan by 2024. "A Short History of the Future: Legends of the Intelligent Era" was equally exciting. Everyone was welcome to click and read it!
The smartphone market may usher in growth
From the 2024 smartphone market report released by several organizations, the global smartphone market did show a growth trend. For example, in the second quarter, global smartphone shipment growth was 6.5% and 6% year-on-year, respectively, according to the reports from both parties. The report from Tech Insights said global smartphone shipment rebounded by 7.6% year-on-year in the second quarter. Canalys reported global smartphone shipment growth of 5% in the third quarter of 2024. This growth was due to a number of factors. First, major smartphone brands actively launched cost-effective new product combinations. Second, consumers refreshed their phone cycle and increased confidence. Third, the widespread use of artificial intelligence technology had also become an important driving force for the growth of the smartphone market. In the Chinese market, although there are differences in the rankings of different brands of mobile phones by different institutions, the overall trend is also growing. For example, Counterpoint said that China's first quarter of 2024 saw year-on-year growth due to strong sales during the Lunar New Year and the return of Huawei. However, the situation in different regions was different. For example, the North American and Western European markets were still in decline although the decline rate had improved significantly compared to the previous quarters, while Africa, the Middle East, Central and South America, Central and Eastern Europe, and the Asia Pacific region all achieved growth results and led the recovery. " A Short History of the Future: Legends of the Intelligent Era " was equally exciting. Everyone was welcome to click and read it!
China's smartphone market development
The development of China's smartphone market is as follows: In terms of output, the overall trend of decline fluctuated from 2016 to 2023. From 2022 to 2029, it declined slightly for two consecutive years. In 2023, the annual output was 1.145 billion units, down 1.8% year-on-year. In terms of shipment volume, the overall trend of growth first and then decline in 2012 - 2023. From 2021 to 2022, it declined for two consecutive years. In 2023, the shipment volume rose to 276 million units, up 4.5% year-on-year. In the second quarter of 2024, the smartphone market in mainland China increased by 10% year-on-year, higher than the global average, returning to 70 million units. In terms of market structure, domestic brands such as Huawei, Xiaomi, OOppo, and Vivo occupied a dominant position with technological innovation, quality improvement, and marketing strategies. International brands such as Apple and Samsung also occupied a place with brand influence and product advantages. In terms of terminal activity, the pattern of the main participants was relatively stable. As of February 2024, Huawei was the domestic market leader, and the number of active terminal devices of Apple, Vivo, Xiaomi, and Glory had increased to varying degrees. From the perspective of market competition, the competition was fierce. Different institutions ranked different brands in the China market. The gap between brands was small. A slight change in the statistics might make the rankings completely different. Brands are also constantly working hard to compete for market share. For example, Apple's third-party channel drastically reduced prices in 2023 to attract consumer demand, ranking first in terms of shipment volume; Glory ranked second in terms of shipment volume in 2023, relying on folding screen products to increase its share in the market above USD 800; In the second quarter of 2024, Huawei launched the Pura70 series, followed by a price reduction promotion; Apple also adopted a price reduction strategy to exchange volume for volume. In terms of future development, with the full coverage of 5G networks and the application of emerging technologies, smart phones would play an important role in the Internet of Things, artificial intelligence, virtual reality, and more fields, which would become a new growth point. However, at the same time, market competition would further intensify, and the competition between brands would become more intense. The variety and specialization of consumers 'needs would also put forward higher requirements for mobile phone companies. In order to launch new products and services that meet expectations, companies needed to increase investment in research and development, master core technologies, increase the added value of products, deepen cooperation with upstream and downstream companies, and pay attention to changes in consumer demand. " A Short History of the Future: Legends of the Intelligent Era " was equally exciting. Everyone was welcome to click and read it!
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